USD/ZAR may rise 783 - 1163 pips

Our pivot point is at 17.5760.

Our preference

As long as 17.5760 is support look for 17.7630.

Alternative scenario

The downside breakout of 17.5760 would call for 17.5120 and 17.4750.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 17.6430 and 17.6070).

Supports and resistances

17.8380 **

17.8010 *

17.7630 **

17.7250

17.6467 last

17.6010

17.5760 **

17.5120 *

17.4750 **

Number of asterisks represents the strength of support and resistance levels.